The CEOs of Barclays and HSBC were talking at a sustainability event in the heart of London. They were there to talk about how they’re going to reach net zero by 2050, and why they’re solving the climate crisis.
What an incredible result. A quarter of Credit Suisse (CS) shareholders are telling CS to clean up on climate by voting against management and demanding a fossil fuel funding phase out.
AGMs are meant to be where CEOs boast about their profits and give each other high fives. But this was something different. Three of the biggest fossil fuel funders in the world had their AGMs today – and shareholders are sending a clear message that they need to sort it out.
This is a guest post by the activists at Yale Endowment Justice Coalition, who confronted their professor and Citi board member, Ernesto Zedillo today:
This morning, we at the Yale Endowment Justice Coalition, confronted Professor Ernesto Zedillo about Citigroup’s fossil fuel holdings.
What an incredible 2 hours. Campaigners across Africa came together to share stories, discuss tactics and take action against the East Africa Crude Oil Pipeline (EACOP). The giant EACOP pipeline is set to devastate livelihoods, homes and habitats, mainly in Tanzania.
Before COP26, Mark Carney, who is in charge of wrangling global banks to join his Net-Zero Banking Alliance (NZBA), wrote a piece in the Financial Times about numbers.
UniCredit are doing their best to avoid facing up to their dirty investments. They’ve poured over $36bn into fossil fuels since 2016, and have avoided taking any real steps to cutting it out fully.
“We are on a fast track to climate disaster.” – Antonio Guterres, General Secretary of the UN
The UN’s Intergovernmental Panel on Climate Change (IPCC) is publishing it’s report on how to avoid the unprecedented heatwaves, terrifying storms, and widespread water shortages that we’re currently on track for.
Banks around the world have billions of dollars in Russia, funding Russia’s biggest fossil fuel companies. Those are the same companies that are feeding Putin’s war chest. The same companies are filling Russian tanks with fuel.
Over the last 6 years, since the Paris Climate Accord, the worlds 60 biggest banks have poured over $4,600,000,000,000 into fossil fuel projects. Your eyes aren’t deceiving you. That’s $4.6 TRILLION dollars being used for more oil rigs, more gas fields, and more coal mines.
The new climate proposals released by Barclays are completely contradictory. On one hand they’re committing to Net Zero by 2050. On the other hand, their new proposals allow them to keep investing in NEW fossil fuels.
Banks and financial institutions were too slow to act. Even in the face of Ukrainian tragedy. They dragged their feet pulling their money out of Russian fossil fuel companies – the same companies funding Putin’s invasion.
The Putin100 are the 100 global financial institutions across the world propping up Putin’s war machine with investments, insurance and financing for Russian fossil fuel companies. These companies are helping to fund Putin’s illegal invasion of Ukraine: https://putin100.org/
The pressure is working to get these institutions to pull out of the Russian fossil fuels funding Putin.
Frontline New York residents are taking over a section of Citi HQ in time for “Investor Day”, a day when hundreds of Citi’s super rich investors are getting together. They are raising objections to Citi’s massive investments into fossil fuel expansion and its huge exposure to the Russian economy, especially the energy sector
Citigroup is the second largest funder of the fossil fuel industry among all banks worldwide, the largest US backer of the coal industry, and it has the most invested in Russian fossil fuels of any US bank.
The people of Ukraine are being subjected to a brutal and illegal invasion perpetrated by the Russian military. And Putin is paying for it using all the profits he’s making from Russia’s biggest fossil fuel companies.